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ANNUAL REPORT
2018
Celebrating 25 years of impact
page | 1
Women’s Opportunities Resource
program for low-income people in
nation. WORC provides entrepreneurial
training, individual business assistance,
incentive savings programs, and access
Lynne CutlerFounder & President
This year, Women’s Opportunities Resource Center
(WORC) celebrates its 25th anniversary. It has been
my privilege to lead the organization since its
founding in 1993. WORC has grown into a holistic
agency combining programs in three major areas —
direct lending, incentive savings, & self-employment
training — into an overall asset-building approach. By
focusing not just on income but on assets & wealth,
WORC enables low-income individuals & families to
our growth with several exciting developments:
of the most vulnerable among us. These include low-income families of color as well as
New Americans: immigrants, refugees, & asylees with great personal and professional
growth strategy, we will continue our focus on holistic asset-building while
increasing the volume & size of business loans disbursed.
WORC secured .
CA allows borrowers to buy their locations – promoting asset- & wealth-building.
WORC was selected as a grantee of the Wells Fargo Foundation’s Diverse
WORC will invite friends, alumni, and donors to
service to the community.
r as well as
rofessional
ding while
.
h-building.
s Diverse
page | 2
Message from the President
1993 1998 20031993
A Timeline of 25 Years in Service
WORC receives Presidential
Award for Excellence in
Microenterprise Development
- Poverty Alleviation.
U.S. Treasury Community
Development Financial
Institution (CDFI).
WORC pioneers and
pilots the Family Savings
Account (FSA) Program in
PA, in partnership with the
Commonwealth of PA.
Lynne Cutler co-c
Assets Subcommi
restoration of Self
Assistance Progra
WORC receives Associ
for Enterprise Opportu
Innovation in Technolog
Award for its distance-
initiatives.
from U.S.
to offer FSA IDA Program, targeting
in particular.
WORC is established
as independent
501(c)(3), splitting off
Women’s Association
for Women’s
Alternatives (WAWA)
- its parent company
since 1983.
st direct loan,
owned jewelry business.FEB 1993
JUN 1999
OCT 1999
APR 2004
APR 1997
FEB 1999
JUL 2001
MAR 2005
page | 3
2008 2013 20182018
page | 4
as SBA Microloan
Intermediary.
WORC holds its 1st annual
Micro Business Day
targeting refugee and
immigrant businesses.
hairs Building
ttee of
f-Employment
am.
WORC graduates
1,000th saver from
the FSA Program.
ation
nity’s
gy
learning
WORC
receives state
accreditation from
PA Community
on
WORC disburses 500th
loan to a woman-led
consulting business.
WORC graduates 1,000th
individual from Start-
Smart Self-Employment
Training Program.
literacy and education aspect
of its business lending &
training programs.
JUL 2010
JAN 2015
JUL 2015
MAR 2007
FEB 2011
MAR 2012
NOV 2015
Summary of Programs
START-SMART START-GREEN
BUSINESS MICROLENDING
FAMILY SAVINGS ACCOUNT
RETIREMENT INCOME SOLUTIONS
Sum
START-
BUSINE
FAMILY
RETIRE
No one spends her or his way out of poverty. Rather, research has shown that asset
integrates programs in training, lending, & savings that give low-income families the
supports & opportunities to save their way out of poverty, permanently.
WORC’s Start-Smart Start-Green Self-Employment Training Program
teaches participants to prepare a business plan, set goals, and access
with a specialized curriculum offered for immigrants/refugees.
> Graduated 3,660 clients leading to 840 businesses launched.
> Distributed 753 microloans totaling $3.52 million.
> Graduated 1,565 families saving $3.4 mil, matched $3.3 mil, creating
$51.9 mil in total impact including outside resources leveraged.
to help them better prepare for retirement. WORC is also a host of
> Served 53 mature women via four (4) cycles of the RIS Program.
page | 5
Our Target Population
FY18 WORC ClientsPhiladelphia CountyFY18 WORC ClientsPhiladelphia County
WORC targets low-income families in 5-county greater Philadelphia and New Castle, DE.
We focus on low-income women, immigrants/refugees/asylees, & people of color and
their families. Our clients often arrive having faced un- or under-employment and poor
ethnicity genderincomeestatus1
fem
ale
male
very
low
low
mo
dm
id
extrem
ely
low
blac
, afric
an
-am
erican
asi
an
, asi
an
-am
eri
can
white
other
WORC client
Poverty Change, 1970-2015
decline
The map to the left
illustrates change in
poverty by Philadelphia
neighborhood, as well as
a mapping of FY18 WORC
clients. As shown, our
clients are most heavily
concentrated in areas of
the city with increasing
poverty, including the
Oxford Circle and Mayfair
neighborhoods of near
northeast Philadelphia,
Lower Moyamensing in
south Philadelphia, and
and Elmwood areas of
west Philadelphia.
1 For reference, a 4-member household must make under $69,900 to qualify as low-income, $43,700 as very low, and $26,200 as extremely low.
Business Microlending Program
Loan Products Offered
Microloan ProgramPerformance, FY11-18
Busi
Loan Pr
MicroloPerfor
CREDIT-BUILDER |
STARTUP |
LINES OF CREDIT |
SMALL BUSINESS |
EXPANSION |
FY11 FY12 FY13 FY14 FY15 FY17 FY18
Avg. Loan:
# Outstanding: 111 74 80 102 121 140 172
Loan Pool
oan Programmance, FY11-18om
loans
loans
24
33
45
54
7370
microloans for business startup & expansion through its own loan fund as well through
the Economic Opportunities Fund (EOF), a wholly-owned subsidiary company founded
WORC has a step-lending approach
matching entrepreneurs with the
amount of capital needed. Borrowers
and post-loan business assistance.
Improved credit from repayment
positions clients for greater future
.
page | 7
Start-Smart teaches participants
to prepare a business plan, set
goals, and obtain access to critical
is coupled with 1:1 business
assistance in accounting, legal,
it provides a foundation of
business knowledge and skills
topics covered include:
TRAININGFOCUSAREAS
traditional and social media
FINANCINGvia WORC & partner orgs
SALESaccess to markets
OPERATIONS
BIZ PLANNINGroadmap for the venture
INSURANCE
LICENSING
1-1 COACHINGsupplementing group instruction
business management tool enabling entrepreneurs to
Self-Employment Training
LivePlan Business Management Platform
articipants
s plan, set
s to critical
business
ting, legal,
dation of
and skills
:
media
NG& partner orgs
arkets
page | 8
page | 9
Wizard of OzWalnut St Theater
Before & AfterBeauty Client
Film AmericanoLa CanterinaTemple University
page | 9
La CanterinaTemple Univers
is a professional Wig,
2000s found herself increasingly
solicited for headshots, proms,
weddings, and other events. In
and launched her own venture
Faces by Fre LLC. The business
has since grown steadily and
now boasts a portfolio of diverse
clients including the Curtis
Institute of Music, Philadelphia
and individual patrons.
WORC programs have helped Fre move from corporate employee to business owner. She is a
repayment record with WORC, boosting her already-strong credit and enabling her to receive an
Visit www.facesbyfre.com for more information on Fre’s services and to view her full portfolio.
“WORC loans and the Start-Smart Program were instrumental - Fre
Family Savings Account Program
additional outside resources like home mortgages and education loans, furthering the
ELIGIBILITY
GOAL SETTING
ASSET TRAINING
SAVING
ASSETPURCHASE
1
3
4
5
2
COMMUNITY IMPACT
millionamount saved
millionamount matched
millionoutside resources
milliontotal impact
home p
urc
hase
or renova
tion
retirement
car
for
wor
business
education
ram
hering the
home
ppurc
hase
r renovaa
ttiioonn
s
> Participant selects target asset of home, business, education
> Participants trained on purchase & management of target asset
> Home purchase, for example, may include family budgeting,
pre-homeownership counseling, home search strategies, etc.
> Participants provided post-asset counseling as needed
savers
page | 10
Microenterprise Development grant program since 2013, as well as the Refugee Individu
ever, given the unprecedented level of uncertainty & volatility facing New Americans in
3RD ANNUALMICRO BUSINESS DAY
In December 2018 WORC
held its 3rd Annual Micro
Business Day, co-hosted
with ACANA and targeting
refugees & immigrants in
southwest Philadelphia and
surrounding areas. Over
attended, many of whom we
Microente
ever, give
3R
MICRO
In Dece
held its
Business
with AC
refugees
southwe
surround
attended
United Statesof America
NicaraguaHonduras
Haiti
SL
<10 clients served
page | 11
10+ clients served
Mauritanian refugee CouLy receives a Startup LoaAug 2018 toward her tailobusiness.
Liberian asylee Yassah Morris displays wares of Yassah General Merchandise at Micro Business Day.
WORC is a current
ual Development Accounts (IDA) program from 1999-2018. This is more important than
n the current political climate.
FY18 Clients Served by Country of Origin
a current
tant than
Origin
Russia
China
Mali Niger
Guinea
Sierra Leone
Liberia
Cote d’Ivoire
Cameroon
Central African
Republic
Burundi
Rwanda
Somalia
Sudan Eritrea
Congo
Egypt SaudiArabia
Iraq
Syria
IranAfghanistan
BhutanNepal
Burma
Sri
Thailand
MalaysiaIndonesia
page | 12
Mauritania
Angola
Ethiopia
umba an in oring
Burmese refugee Aun graduated from the FSA Program in Sep 2018, using his savings / match
on a house, the new home to his family of four.
page | 13
Olive Massaquoi is
founder, owner & operator of FOGS
Co. Thrift on bustling Woodland
Ave in southwest Philadelphia.
The store’s merchandise ranges
from furniture & home items, to
electronics, to clothing & jewelry.
FOGS Co. Thrift is mission-driven; a
Liberia, an educational organization
that provides academic support
to over 400 students to instill a
that country’s high prevalence
of intergenerational poverty. The
cause is close to Olive’s heart. She
understands the value of education
herself immigrated from Liberia,
secured a degree from the University
of Pennsylvania, and founded both
BEE Liberia and FOGS Co. Thrift.
FOGS Co Thrift grand opening in June 2018
Olive has received multiple loans from WORC to help fuel her enterprise. An initial Credit-Builder
transport. These provisions have allowed FOGS Co. Thrift to build its inventory and gain a
Board of Directors
> LYNNE CUTLERPresident
> SHAUNA YELDELLDir. of Lending & Operations
> LISA MILLSDir. of Administration & Finance
> LARRY POPPERT
> INDAH NURITASARIAsset-Building & Savings Program Manager
> MARY SOLDANO
> LAMIN VANNA
> JOHANNA VANDENBERGTraining & Lending Support
> CAMILLE JOHNSONFSA Specialist
> DWI SETIAWANFSA Contract Compliance
> ZATITI LYLES
> JOHN MILANOCollections Manager
> HOWARD JAMESTraining Manager
> Lynne Cutler | WORC
> Jennifer Leith | The Douty Foundation
> Victoria Quinn |
> Donna Allie | Team Clean, Inc.
> SCORE Association
> Nicole Pumphrey | Welcoming Center for New Pennsylvanians
> Local Initiatives Support Corp
> Julia Danzy | Human Services Consultant
Arabic, Burmese, Nepalese, Indonesian, Malay, Swahili, Tigrinya, Mandarin, and Spanish.
The WORC Team
Loan Advisory Council
> | SCORE Association
> Lynne Cutler | WORC
> Jean Debellis | Phila Industrial Development Corp
> Imani Green |
> Carol A. Heiberger | Strategy Consultant
> Linda Leggett | Simply Beautiful Hair Designs
>
> Stan Smith | SMITH HOUSTON
> Thomas Waller |
>
> Lynn Ozer |
> Lizbeth Rosado | BB&T
for New
rt Corp
nt
d Spanish.
ment Corp
nt
esigns
page | 14
“I am beyond ecstatic that I went through the FSA Program! I got my credit score up and changed my spending habits. The icing on
Dawn and family’s new home in East Germantown, Philadelphia
Dawn Chester enrolled
in the Family Savings Account
two children that they could call
their own. Dawn stayed true to
course of just seven months and
funds enabled Dawn to purchase
a new home in Philadelphia’s East Germantown section in March 2017.
“I am beyomy credit s
Dawn Cin the Fami
two children
their own. D
course of jus
funds enable
a new homEast GermMarch 2017.
page | 15
FY18 REVENUE SOURCES
> AARP Foundation
> Allen Hilles Fund
>
>
> City of Philadelphia, Commerce Dept
> Clayman Family Foundation
> Connelly Foundation
>
> McLean Contributionship
> Memton Foundation
> New Century Trust
>
> PA-DCED
>
> The PEW Charitable Trusts
> Philadelphia Foundation
>
>
>
> Samuel S. Fels Fund
>
> TD Charitable Foundation
>
> U.S. Small Business Administration
> U.S. Treasury Department Community Development Financial Institutions (CDFI) Fund
> United Way
> Wells Fargo
>
FY18 CONTRIBUTORS
Sources of Support
RCES
FI) Fund